Wednesday, May 23, 2012

Study: Current phase of The Banks to have $91.6M annual economic impact

The University of Cincinnati Economic Center has released a study of Phase 1A of The Banks, estimating an ongoing annual economic impact of $91.6 million from the new development.

The study, released by the development team of Carter, the Dawson Company and equity partner USAA Real Estate Company, also credits the construction of 300 apartments and 97,000 square feet of retail at the riverfront project with generating $556 million in construction-based impact on the local economy.

The remainder of Phase 1, including a new boutique hotel, a 230,000-square-foot office building, and additional 27,000 square feet of residential units, will have a total annual economic impact of $276 million, the study says. When combined with City, county, and developer investment, the total economic impact is expected to exceed $2.7 billion by 2020 – with 1,400 direct jobs, 1,000 indirect jobs, and 3,600 construction jobs.

Future phases between the National Underground Railroad Freedom Center and Paul Brown Stadium are projected to generate an additional $335 million in annual economic activity.

"These investments are helping to create a vibrant riverfront – where people can live, work and play," said Scott Stringer, executive vice president with Carter, in a prepared release. "The investments made by the public parties are starting to pay off and we're happy to help the city and county complete the vision of the riverfront."

The study concludes that the City and county investment will be paid back within two years.

The study also says that a majority of the residents at the apartments, Current at The Banks, came from outside of the City. Twenty percent moved in from outside of the 15-county metropolitan area.

Rendering courtesy of "Economic Impact of The Banks Project In the Redevelopment of the Cincinnati Central Riverfront", Economics Center of the University of Cincinnati.

Previous reading on BC:
New website showcases living options at The Banks (1/26/11)
Riverfront road closure allows The Banks work to progress (1/17/11)
Council approves $10M in Banks bonds (6/22/10)
24-hour police welcoming center slated for The Banks (5/17/10)
Banks developers create new website, branding (4/27/10)